New Name Sets Strategy for Growth Through Additional
Markets and Expanded Product Offerings
Providence, RI and St. Louis, MO, January 22, 2015 — Nortek, Inc. (Nasdaq: NTK) announced today that its subsidiary NORDYNE LLC, a manufacturer of heating and cooling equipment, and its NORDYNE International subsidiary have changed their names to Nortek Global HVAC LLC and Nortek Global HVAC Latin America, Inc., respectively. While product brands and interactions with customers will remain the same, the new names signify a unified strategy for accelerated global growth, innovation in energy-efficient products and expanded product offerings.
“We were particularly eager for this change because the companies we’ve known as NORDYNE and NORDYNE International for many years now have become something bigger, better and more able to serve a growing air management market,” said Dave LaGrand, president and CEO of Nortek Global HVAC. “Our new name better reflects the collaboration and cross-selling opportunities we have through our parent company, Nortek.
“By more closely aligning with Nortek, we can help our customers see us in a broader context of residential and commercial HVAC, air quality and home solutions. Our customers know us and trust us, but now they can see the greater opportunities that come from partnering with us,” added LaGrand.
Nortek Global HVAC provides HVAC contractors and distributors with a broad range of heating and cooling products for residential replacement, residential new construction, manufactured housing and commercial applications. NORDYNE got its start in 1919 as International Oil Heating Company. Key innovations in the past 96 years include: the first “learning” hot surface ignitor, the first inverter technology for ducted systems, the first Micro-Channel evaporator coil, the first heat pump with Micro-Channel condensing coil, and the first condensing packaged gas/electric system for residential use.
“A few decades ago, we were known as a supplier to the manufactured housing industry,” said LaGrand. “We have expanded our brands and offerings to become a player in the broader residential HVAC market with some of the most efficient products in the industry today. In April 2014, we acquired Reznor in the USA as well as AmbiRad and Gaz Industrie in Europe giving us a stronger presence in the commercial market. Along with synergies with Nortek’s Custom and Commercial Air Solutions group, which includes the Mammoth®, Temtrol® and Venmar CES™ brands, we are uniquely positioned to be an even greater global player in the HVAC market.”
For more information about Nortek Global HVAC and its products visit www.nortekhvac.com.
About Nortek Global HVAC
A trusted name in the industry, Nortek Global HVAC has been designing and manufacturing reliable heating and cooling products for more than 95 years. The company focuses on creating genuine value for its customers through a unique combination of innovation, product performance and responsive support. Nortek Global HVAC and its subsidiaries build and sell HVAC systems under the Maytag®, Broan®, Frigidaire®, NuTone®, Westinghouse® and Reznor® brands, among others. To learn more about Nortek Global HVAC and its product offerings, please visit www.nortekhvac.com.
Nortek Global HVAC is a subsidiary of Nortek, Inc. (Nasdaq: NTK) a global, diversified company whose many market-leading brands deliver broad capabilities and a wide array of innovative, technology-driven products and solutions for lifestyle improvement at home and at work. Please visit www.nortek.com for more information.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Nortek’s acquisition of Anthro Corp. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will,” or “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on Nortek’s current plans and expectations and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors impacting such forward-looking statements include the availability and cost of certain raw materials (including, among others, steel, copper, packaging materials, plastics, resins, glass, wood and aluminum) and purchased components, freight costs, the level of domestic and foreign construction and remodeling activity affecting residential and commercial markets, interest rates, employment levels, inflation, foreign currency fluctuations, consumer spending levels, exposure to foreign economies, the rate of sales growth, prices, and product and warranty liability claims. Nortek undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the reports and filings of Nortek with the Securities and Exchange Commission including the description of “risk factors” set forth under 1A in our annual report on Form 10-K, as updated on subsequent quarterly reports on Form 10-Q.
Maytag® is a registered Trademark of the Maytag Corporation.
Trademarks Frigidaire®, Maytag® and Westinghouse® used under license.